Haydale Graphene losses widen in 'robust' results

6th Oct 2022 11:30

(Sharecast News) - Advanced materials company Haydale Graphene reported full-year revenue of £2.9m in its final results on Thursday, which was unchanged year-on-year.

The AIM-traded firm described it as a "robust performance", given the pull-forward of the £1.22m silicon carbide and £0.4m one-time reactor sale in the prior year.

It said investment in sales, marketing, quality assurance and production capability in the 12 months ended 30 June saw its adjusted administrative expenses increase 17% to £5.52m.

Adjusted operating losses widened by £1.16m, to end the year at £3.33m, while the cash outflow from operations grew by £1.59m to £3.17m.

A £5.51m fundraising was completed after the year ended, with 138.8 million warrants issued, yielding up to a further £2.8m when exercised.

"The clear priorities remain to commercialise our cutting-edge functionalisation technology," said non-executive chair David Banks.

"The progress we have made during the year and the opportunities that we are seeing gives us confidence that we are on a steady path to more widespread adoption of our technology and the benefits, both performance and environmental, that it can bring."

Banks said the directors were "mindful" that the economic backdrop remained uncertain, and that risks that could impinge on the firm's operations persisted.

"However, the solid progress made in our core business during the year continues to reinforce the directors' belief that, whilst navigating the new industrial landscape will remain challenging and forward momentum is unlikely to be smooth, the company is moving in the right direction."

At 1227 BST, shares in Haydale Graphene Industries were down 2.7% at 1.8p.

Reporting by Josh White at Sharecast.com.